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5 Benefits to Owning Your Own Home

At one point in time or another, you have probably heard the

phrase, “There’s no place like home”. Well, that couldn’t

ring truer for many individuals across the country. Beyond the

freedom that comes with owning your own place, there are a

number of financial aspects that come with your new home

purchase.

Build Wealth by Owning Your Own Home

Growing up, you probably heard about how wise it is to invest

in your own home. As time goes by, your home is going to

become more and more valuable. Owning your own home is

one of the easiest ways to build wealth.

Every Month, You Build Equity in Your Home

Equity is defined as the amount of money that is built up in

your home based upon what you can get out of it minus what

you owe on it. With every mortgage payment you make, a

portion of it is going to reduce the total amount owed on the home. By reducing your mortgage

amount, you are increasing your equity. As more time goes by, your equity will get larger and

larger.

Use the Equity in Your Home as Leverage

By building up equity in your home, you may be able to use that as leverage to cover some of

the unexpected expenses in life. Unlike the interest you pay on your credit cards, you may be

able to deduct the interest you pay on your mortgage. It may make sense to pay any credit

card debt by taking out a home equity line of credit. There are a number of reasons why you

may want to borrow against your home, such as paying for college tuition, paying off medical

bills or even starting your own business.

Don’t use your home to buy things you don’t need. Only use this loan to handle something that

you need.

Amy Shair RE/MAX® Real Estate | (919) 469-6539 | http://www.amyshair.com

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Mortgages are a Type of Savings Plan

By paying your mortgage every month and paying down the principal on your home, you are

effectively saving money. Every month, you build value in your home. You are essentially

being forced to save money, which is a good thing.

Buying is Cheaper than Renting for the Long-Term

For the first few years, it might save you money renting a home. Over the course of time, the

amount of money you spend on interest is going to decrease. It ends up where the amount

you are paying is going to be far cheaper than what you would spend renting. More

importantly, you don’t have to worry about having someone watching your every move.

Instead of paying off your landlord’s home, you can pay your own off.

Stop wasting time, and start stepping into a new mortgage and the home of your dreams.